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tv   [untitled]    October 6, 2011 11:31pm-12:01am EDT

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speaking on capitol hill earlier this week i don't reserve chairman ben bernanke he didn't give anybody much to smile about regarding the debt crisis in europe or to you said that there was little the fed could do and that they are unfortunately just innocent bystanders and europe's debt crisis been hitting markets hard and when you have the jobs crisis here in the u.s. which is fueling fears of corporate losses that i guess it all adds up to bernanke is warning that the economic recovery is close to faltering not likely necessarily needed bernanke you to tell us that but anyway let's move on there's a new proposal is being floated around out there and it may seem a little radical but some economists argue that it's the only way to get us out of this mess that proposal is massive debt relief just think about it tens of millions of americans are burdened with mortgages that they can't afford as well as of course student loan debt and credit card debt we're a country that likes to charge and then pay later but since the banks got a bailout the american people get want to discuss this with me as anthony randolph the director of economic research for the reason foundation i think thanks so much
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for being here tonight for starters i mean is it kind of a node when burning he started saying that our recovery just might be faltering i think that most people really felt like it hasn't been a recovery for a long time and this is actually nothing new from the fed actually they completely change their tune in january they were saying the economy is praises because the all knowing fed was saying we're going to have great growth in two thousand and eleven and about the summer they began to change their story in the last couple of times the federal probe market committee has issued a statement they've been very very dour and they're just getting more and more down on the economy so it's it's nothing new and it's sort of a note but so we should just stop treating them as you know the going on over here is not any more i mean i would be in favor of you know the united states treating the federal reserve that way. for a little bit if he is the right though when he says that they're just innocent bystanders in the european sovereign debt crisis there is no a lot that the fed can do when it comes to europe there's not a lot that the europeans can do i just spent the past week and a half over in europe and the greek. sort of economic crisis is almost completely
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unsolvable big definitely. are going to default it's just a matter of when the question is when they default and when a couple of french banks default as a result will that trickle down to five or six more banks will spain italy fall those are the big questions that people are sort of dealing with there's not a lot of answers or ways to sort of address them so it's just a matter of like when these dominoes are going to fall and that's a really dismal situation and when those dominoes fall of course they can affect our banks and our economy and blah blah blah so maybe this whole proposal of massive debt relief shouldn't even be in the current month let's talk about it anyway i mean what do you think of this idea right there a number of economists that are saying that you know maybe the american people need their own bailout if the banks can say there's a moral hazard involved here you know you spent money that you didn't have that was unwise of you but how else are we going to get people to start spending again to increase demand so first off this is actually not a new idea this is been talked about for a long time span called other things in two thousand and eight two thousand and
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nine it was called cram downs and there's actually a lot of congress that was going to try and give judges power to go in and break mortgage contracts and basically clear people's dead away now that's a really terrible idea because that means you're basically kicking aside all contract law so the question is so how do we do this and people are trying to come up with ways but the second thing is it's absolutely true if there was some way that we could clear away a third of the debt in society particularly for households that would be a fantastic thing for the economy that's one of the biggest things that's holding us back right now is that if you can stimulate all you want but is long as households are going to put that money into either saving or if they're not going to put into savings or consumption but they're going to be putting into paying off their credit card loans and their student loans and their household debt and household debt having doubled in the past decade that that is a massive problem and we've also got this you know sort of everybody looks at the sort of the u.s. government says wolf the u.s. government needs to figure out that situation absolutely true households have been
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sort of the not talked about aspect of this and so to have sort of a more attention on this. that we actually need to lower household debt in order to move the economy forward is really good and i think that that can actually say will then let's look at stimulus efforts and say well these going to actually impact that no it's not so let's if we're going to fix the economy let's put that aside unless this is the bottom line very thing that we should look at our debt let's look at the dead the real cancer in the country but if we did you know start relieving people of their debt then who gets hurt if the banks it's the bond investors and something tells me they're not going to like that right what's and is not just a this nebulous idea of a bank it's the shareholders of that bank i mean that i mean you could be a shareholder in bank of america which means that if your producers have massive debt and they get wiped away that winds up hurting you so there's actually people on the other side of this not not just to mention contract law but we basically would be by sort of clearing away a massive debt sort of. just. arbitrarily we could want you wind up hurting all
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sorts of people potentially people who have you know that themselves that's about to watch and letting a reaction go on about i mean do we have we have figures that we can throw out ok so that how they are that they're going to get evil have tens of millions in debt there's lots of numbers but those numbers probably aren't really going to mean anything to you this is this is what i think is sort of the real crazy thing there are not enough dollars in circulation in the world to pay off the debt that everybody has so even if we got every dollar back that you know china's holding and what not even if that money was put into the hands just dropped by helicopters helicopter ben and people picked it up they couldn't pay off all their debts. there's so much household debt that we just you can't pay it all back and it's fractional reserve banking sort of spells out that is a daunting situation and i think what that that speaks to the fact that we should be adjusting our expectations if we've been adjusting our expectations of two thousand and nine going into this i don't know if there would be as much friction frustration now because we would think well this is going to be
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a five seven year process winding this whole down whole thing down. that. just to me that speaks to the magnitude here is it just we really literally cannot we would have to inflate our way out of this and that's what you some people call and you know basically print enough dollars to pay for it all but there's no you know there's no other way other than sort of time i think you just you just crushed all my hopes for any good spirits are bright as can you there are literally not enough dollars on this planet and so this perpetual cycle seems like it just keep going and going and going and going but ok so you said this idea has been brought up before this time around in some other way without working with contract law could congress actually do something about it well there's there's the could and there's the will they. and i don't i don't think that they will i don't think that there is there is not yet been proposed a viable plan not just sort of politically speaking but economically speaking that could. that could address the the gravity of what we sort of face there is this
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idea of sort of massive refinancing a massive refinancing ultimately doesn't lower your total debt it's going to lower sort of your payments on a day to day basis and it will lowers that somewhat because i mean you're paying less interest which means you have less money sort of at the end of the day but even bad if you have a massive refinancing if fannie mae and freddie mac. which i don't think is a good idea but even if you did that's only going to people who are capable of paying off their debt right now it's the real be a problem is people who are underwater in their homes and it may be that the only real way out of this other than time is just massive foreclosure you know with grease the only solution for them eventual be some kind of default and hopefully it's a structured default hopefully it's you know it's very intentionally chosen ok we're going to do it on this day and we've got you've got this kind of haircut for our creditors hopefully it's sort of it's an orderly process isn't that in this case hopefully it wouldn't just be sort of willy nilly people walking away from their homes but that it may be that sort basically some massive haircuts for homeowners
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how much more massive than the foreclosures that we've already seen over the. three hears right because you can say we've seen robo signing we've we're now seeing lawsuits over it we just had a report that came out this week that fannie mae do all these more about practices early as two thousand and three and never even told anybody so what is massive for a closer mean a quarter of homeowners are underwater right now or maybe i think about a fifth now a fifth of homeowners are underwater so we're talking about nearly a loan of a million americans of people not homeless they would be walking away and taking the money that they're currently paying for their that you know they can't afford their mortgage but maybe their mortgage is three thousand dollars and they have two thousand dollars to be going into rental housing they would be intentionally saying all right i i'm just going to walk away from my house i'm going to go into bankruptcy and i'm going to take that money and i'm going to you know basically start renting a home there would be just sort of that chief we know well it's not on washington d.c. right is not cheap it's not cheap in washington d.c. and actually if you had all you know all whole sort of flooding of the market you
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know there's not that many rental properties for all those people so even that is a sort of like a viable solution but these are sort of the level of the scope of the things that we're really talking about when it comes to how do we address the situation i have always overwhelming and we have more questions than answers anthony thank you so much for joining us tonight. out of time for showing sal on tonight's program and staying on the topic of occupy wall street those who've been protesting accused of lacking any sort of coherent goals or solutions so i want to know what you think the protestors should be or could be fighting for that are producing pictures and send you to find out what you have to say. occupy wall street and means a lot of things to a lot of people and some are arguing that there's no clear goal but when you have so many things that need to be changed you find yourself with a list to be endless those who are criticizing their list of goals well they're failing to see that this mix of motivations is what it gives strength because no
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one needs to agree or disagree with every goal in order to join the ranks of protesters well we wanted to know if you can come up with some goals of your own and objectives to the occupy wall street protests what else would you like to see on their list of goals all justin said he believes the first major goal is to get the money out of politics this one step will leave so many problems maxwell does stop ailing out the banks downsize the d.h. as cia and the pentagon as these institutions are running rampant robert added look at the books of j.p. morgan and major banks without buying to call eliminate the i.m.f. and eliminate corporate bailouts pull obtuse said change the current money system from an interest based system to a new one with a fee for banking services all these suggestions maybe goals which occupy wall street might want to consider adding to their to agenda which proves a point the list of goals can just keep growing and as it does so will the number
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of supporters because underneath it all there is a larger bond everyone involved in one way or another has just had it not of the status quo. now as always we thank you for your responses and here's our next question for you just poke about. the idea that economists are floating around massive debt relief for the people what do you think things banks got bailed out should taxpayers be forgiven their debts can respond to us on facebook twitter and you too i don't know as a response it just might make it on it. still to come tonight we have a little i told you so in our tool time segment when it comes to georgia's new immigration law and in happy hour more fallout from hank williams jr comparing president obama hitler last of the way to westboro baptist church announced their plans to protest steve jobs funeral a little ironic that cannot. lose
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. touch or is that so much given to each musician the person on the market what is the distance between the arab spring and the arab democracy some people of the arab middle east have demonstrated they can rid themselves of dictator.
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a very warm welcome to you this is your news today the protesters on the streets they have. ladies and gentlemen your. to give the greeks dances of the human experiment. with. this rock music or to. be trying to censor global economy and it's all came to a financial template. to meet a don't put in to kids and don't want to be seen trade imbalances risk cheapie nations close to secure some like loans to close. to failed slip belabor this again sealevel i think if the us crash and even the. ceiling just like. the i.m.f. we'll just programs increase the total economy. ok
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. i define for tonight still a time of war and tonight against a g.o.p. lawmakers in georgia who passed a tough new immigration law just this year so it was a story we've been following for several months and we actually predicted that this would happen let me explain back on july first the law took effect and it enables law enforcement officers to question all criminal suspects about their immigration status it also requires employers to verify the immigration status of new employees through a federal database before hiring that now when he signed the bill into law georgia governor nathan deal said the state just had to act with an illegal population that is estimated to be almost one half million the collective financial cost to our educational health care and correctional infrastructure is in the billions.
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we see by playing to the g.o.p. base governor deal and his fellow republican lawmakers have created a major problem for the state of georgia agriculture business across the state is stuff ring suffering all because georgia just had to act. a study commissioned by the georgia fruit and vegetable growers association found millions of dollars in losses this spring and summer in blueberries twenty nine million by daily onion sixteen million bell peppers fifteen million the association says those figures could grow and form sizes shrink now so far the state has laws seventy five million dollars thanks to the immigration law that agriculture is big business in georgia producing more than five billion dollars a year in revenue georgia's called the peach state because of its world famous peach crops ever tasted of ideally onion their sweet onions and they're only grown in the state of georgia that same university of georgia report also says that the state's economy is projected to shrink by three hundred ninety one million dollars
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and about thirty two hundred legal jobs will be lost so at a time when every lawmaker across georgia should be looking for ways to spur job growth they went out of their way to kill jobs and shrink the economy great job guys considering the state's unemployment rate stands at ten point two percent well above the national average but you know what these lawmakers care less they just want to please the g.o.p. base to get reelected and our farmers from across georgia are the ones that are trying to save their own livelihoods if we don't fix this. there will be no way a country far from her blueberry farm in south georgia commie horner spoke at a congressional hearing about a labor shortage and croft loss and issue i saw firsthand in june one is south georgia farmer showed me the cucumbers he lost many farmers say they've tried to do it right and hire through a federal guest worker program but the red tape and costs make it impractical. now georgia isn't the only state to pass a measure like this nearby alabama also has a strict new immigration law and part of that kicked in this month even before the
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law took effect alabama farmers were already seeing migrant workers leaving their state gathering the things we like for our dinner table is high but hard work and somebody has got to do it sometimes it's difficult to local folks that are willing to do some of those jobs that's what we found out about half a dozen south baldwin farms immigrant workers so do you blame illegal immigrants or fleeing after all they're under attack by right wing politicians and their supporters you see what people don't realize is that these undocumented workers are doing jobs that americans will never do there's an entire website out there called take our jobs dot org and you can sign up to do a job that migrants are now doing but fair warning it's hard backbreaking work that's usually done outside in the heat but in this slow economy is a really good to be chasing workers and their money outside of the state well they may have been there without any documents they were working and contributing to society those are things that politicians don't really like to bring up the
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immigrant population is a huge contributor to this economy and that is fact so we need to figure out a way to deal with this properly but tonight we have just one question for governor nathan deal and other g.o.p. lawmakers in georgia as that new immigration law working out for you that's why we're giving you tonight still time ward. okeydokey time for happy hour joining me this evening is our t.v. producer jenny churchill and anthony randolph director of economic research for the reason foundation thanks for joining me guys. ok so we spoke about the fact that steve jobs passed away last night sadly but the westboro baptist church we should be very well aware of a little message for them but if you don't remember who the westboro westboro baptist church is here's a nice little reminder. to the every man to warn his neighbor this is taking
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down that's what love thy neighbor mean the purpose of his beginning is not to marry anybody it is to condemn the world like no they went up there and you're. all right so they're hateful people they go to protest at soldiers' funerals all the time because they think that god is punishing us for allowing homosexuality in the country and they announced via twitter that it was so the a.p. tweeted the apple co-founder steve jobs has died at fifty six and the one has for about just tweeted to them westboro will picket his funeral he had a huge platform god gave god no glory and talked sin but i just find it just a little weird that westboro was using all the technology i mean because most significantly made this amount announcement on twitter and i found if you can put it back up it's a case where the bottom says twitter. i mean really come on do you think if you
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went out that they're going to picket his i guess they're saying you know he had a huge platform and were using it but he didn't mention god enough and just really like you have to go purchase a steve jobs funeral and everything and i feel like there's nobody in their day and i don't know who is. and was he was preaching sin or teaching centers teach sin i'm not sure how he would say that he was along the way i mean what a lot of workers maybe another kind of was you know. they were wallace doing it because he allows homosexuals to use his products i'm. yeah definitely no you know he he was inspiring to so many people there's a great sort of speech that commencement speech i think he gave at stanford or or something like that that kind of you floats around the internet and it's inspires a lot of people to do great things and that was so terrible for humankind because it was a you know
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a turn or burn you know sermon that apparently wasn't given got enough glory. i guess if you don't end every sentence and then with an amen you're not i don't really want to play the i'm so miserable all the time you know dealing with what is life like when you just hate everyone all day every single day if you like have to go picket their funerals armor actually sure there's that much of a difference between westboro baptist and most of like the real housewives shows because they all just seem to be attention they all seem to be attention whores like that's sort of like my take their attention or is that they live in a lab luxury you know it's hard to agree i don't think they're hairy they're just maybe a little more shallow whereas westborough just i don't know how those are real housewives and pretty hateful but obviously not. all right and i really like the real housewives of new york by the way so. it's not even a landline. hank williams jr as officially got the boot from e.s.p.n. for the following statement that he made about the president earlier this week. oh
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ok just kidding. ok so we actually played the clip earlier this week where he compared obama to hitler said the banner playing golf with the. it was like gandhi playing golf with hitler right. yeah yeah yeah and so crazy from being outside the hot sun today and that was the monday night football game we're never going to see again are you sad because my dreams is all about this is. like that's what you grow up watching football and you think of are you ready for some football i mean my detroit lions are playing this monday night and we're having a great season for like the first time in our history and we're going to you know we're not going to do that you know i mean i you know yes. i mean pregnancy when the lions don't do good it has nothing to do with that because even if you're not played maybe the fact that he's not playing but actually that's the point you know
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no i actually i think with this is really sad i don't agree with what he said but i think this is a continuation of something we talk about a lot in the show where people say something that other people don't agree with and then they have consequences in the professional i think e.s.p.n. has every right to fire him and when it's a private kind of thing i have the right to fire people i do have consequences do i believe in freedom of speech yes but at the same time. there are times when i don't how i think that his statement was blown completely out of proportion i do i don't think he said what i think we've heard because they were saying we see them walking around with signs of obama looking like you know to me like he's definitely not the only one to go ahead and i mean i understand they had to say today on this very raw as an organization. williams jr is wrong if you tried to claim that they're stopping sort of like free speech or they're stepping on the first amendment here because he quit yeah well yes he does very well let him have that he. doesn't have to air his speech but at the same time they sort of like made something out of this
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where they could've just ignored it and let it go because celebrities say crazy things all the time and you know if you're actually you know if you hear ashton kutcher say something crazy it's not like c.b.s. has to take him off of two and a half also after the fact he did apologize he did say you know. people misunderstood scopic i mean if he had said i know what obama is hitler apparently it's country stars you know you have to you care more careful with your words i not just got the dixie chicks treatment i let's move on to our next story this one just really really cracks me up so imagine if you were having a bad day and your car broke down on your way to work then you got you pulled over on the side of the freeway then a sheriff's deputy pulled you over a ticket for driving on the shoulder decided to arrest you then following that you had to go to the hospital because your heart started racing then you were taken into custody again after that and while you were handcuffed which were apparently the hackles were put on your wrist very painfully you were then forced to listen to
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rush limbaugh on the radio and you know we're going to force you to listen a little bit right now just so you can feel the pain. undeniable truth of life number twenty four written back in nineteen eighty seven feminism was established so as to allow other trends if women the easier access to the mainstream of society and even to this day people to pull this and say it's insensitive how could you possibly say something like that because i mean it because i believe there's something to it. ok so the reason i love is because this woman is now suing and part of the thing is that she's suing about is you know emotional dispraise distress excuse me legend defamation because she was saying that she's african-american and having to listen to rush limbaugh was really really miserable for her kids i think it's you know that's kind of torturous i would say it's pretty much on par with waterboarding i mean to me they seem exactly the same now i mean the guy who painted our house a while ago listen to rush limbaugh and it was like every time you know i just have to get out of here i have to get i'm going to have to go there but you experience
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is all the time when you're in taxicabs around washington d.c. people whether you whether it's a sermon or rush limbaugh our n.p.r. is arbitrary somebody is always going to be offended i never know if i'm going to be a sermon or i hear a lot of a lot n.p.r. news a lot of ron paul i was listening to last night in a taxi ok really quickly i don't know if you've ever done this but apparently midget tossing is a thing. i had no idea that was a thing but a republican in florida is trying to lift the ban on midget tossing because he thinks it's going to be a job creator oh gruesome dr phil i guess that is lower five maybe a dozen if they are consenting adults who are being paid i don't see anything wrong with that i don't see any difference between tween girls mud wrestling in the middle of you're an adult and you say it's fine as long as no one's like forcing
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you into it you know it's not slavery you're not being exploited then you know if you're ok with being tossed it's refreshing libertarian if you guys say so i mean i do i do i never i know that i don't think i you know my or this is very very like my mind has been blown today ok guys i got a ride but i was a really over time but thanks so much for joining me that's it for tonight so thanks for tuning in come back tomorrow political activists that still are going to be on to talk about the latest wall street and the jobs numbers and the meantime follow us on facebook and on twitter and catch everything you need to accomplish the letter show and coming up next in the. culture is that so much different and there's a huge musician on the market what is the distance between the arab spring and the arab democracy some people of the arab middle east have demonstrated they can rid themselves of. even the role of. the
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sacred. magic is the essence of life. whether it is a buddhist prayer. or a shamanistic which. crossroads of two religion. faith is strong and spirit is hard. wealthy british style holds sometimes. these. markets on scandal find out what's really happening to the global economy for a no holds barred look at the global financial headlines to name two causes a report on our team.
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at money. pushing the purpose instead of pulling out quickly the u.s. cloudy afghan exit strategy overshadows the missions tenth anniversary with a deadline expected to be broken. the wrath against wall street gathers momentum spreading beyond new york into other major cities as thousands of americans vent against poverty and corporate greed. five years after the murder of russian journalist. politkovskaya police say they've reached a turning point but a conviction still eludes them. eight am in moscow.